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DAO on NYSE

Youdao, Inc.

Youdao, Inc. is an educational services company in the Cayman Islands, listed on NYSE (DAO).1

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Last updated Oct 21, 2026.

Overview

$845.0MRevenue, fiscal 20252
$13.9MNet income, fiscal 20252

Compare with Career Education Corporation, Universal Technical Institute or Gaotu Techedu Inc., or pick any stock.

  • TickerDAO on NYSE1
  • IndustryServices-Educational Services1
  • HeadquartersE91
  • Incorporated inCayman Islands3
  • Business addressNo. 399, Wangshang Road, Binjiang District, Hangzhou3
  • Filer categoryAccelerated filer3

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In 2007, we launched our flagship Youdao Dictionary , China’s leading language app.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

44.3%Gross margin2
3.7%Operating margin2
1.6%Net margin2
9.6%Revenue growth, 20252
$4.2MFree cash flow2

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Online marketing services brought in 43% of the revenue Youdao, Inc. broke down this way in fiscal 2025.

  1. Online marketing services2.5B CNY243%up 29% from 2024
  2. Tutoring Services2.1B CNY235%down 13% from 2024
  3. Smart Devices739.6M CNY213%down 18% from 2024
  4. Fee Based Premium Services544.3M CNY29%up 50% from 2024
Products and services by year
Products and services202320242025
Online marketing services1.3B CNY2.0B CNY2.5B CNY
Tutoring Services2.9B CNY2.4B CNY2.1B CNY
Smart Devices909.2M CNY903.7M CNY739.6M CNY
Fee Based Premium Services234.1M CNY362.6M CNY544.3M CNY

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue56¢$470.8M
  • Research and development9¢$73.5M
  • Other costs33¢$275.4M
  • Interest1¢$9.0M
  • Income tax0¢$2.4M
  • Profit2¢$13.9M

Out of $845.0M in revenue.2

Where each dollar of operating cash went, fiscal 2025

  • Capital spending46¢$3.7M
  • Kept or used elsewhere54¢$4.2M

Out of $7.9M of cash from operations.2

Financial statements

Revenue56789102$845.0M in 2025+351% since 2019
0$250.0M$500.0M$750.0M$1.0B2019: $187.4M$187.4M20192020: $485.4M$485.4M2020+159%2021: $630.2M$630.2M2021+30%2022: $726.8M$726.8M2022+15%2023: $759.1M$759.1M2023+4%2024: $770.7M$770.7M2024+2%2025: $845.0M$845.0M2025+10%
Gross profit56789102$374.2M in 2025+603% since 2019
0$100.0M$200.0M$300.0M$400.0M2019: $53.2M$53.2M20192020: $222.9M$222.9M2020+319%2021: $312.1M$312.1M2021+40%2022: $375.0M$375.0M2022+20%2023: $389.8M$389.8M2023+4%2024: $376.5M$376.5M2024−3%2025: $374.2M$374.2M2025−1%
Operating income56789102$31.6M in 2025
-$300.0M-$200.0M-$100.0M0$100.0M2019: -$86.3M-$86.3M20192020: -$276.7M-$276.7M2020+221%2021: -$148.0M-$148.0M2021−47%2022: -$112.3M-$112.3M2022−24%2023: -$65.7M-$65.7M2023−42%2024: $20.4M$20.4M20242025: $31.6M$31.6M2025+55%
Net income56789102$13.9M in 2025
-$300.0M-$200.0M-$100.0M0$100.0M2019: -$86.4M-$86.4M20192020: -$268.6M-$268.6M2020+211%2021: -$156.2M-$156.2M2021−42%2022: -$108.1M-$108.1M2022−31%2023: -$77.5M-$77.5M2023−28%2024: $10.3M$10.3M20242025: $13.9M$13.9M2025+35%

Every line of the income statement as filed: the last 3 fiscal years, latest first.2

Period ending2025-12-312024-12-312023-12-31
Gross profit2.6B CNY2.7B CNY2.8B CNY
Sales and marketing expenses (include transactions with related parties of RMB15,060, RMB10,411 and RMB18,428 for the years ended December 31, 2023, 2024 and 2025, respectively)-1.7B CNY-1.9B CNY-2.3B CNY
Research and development expenses (include transactions with related parties of RMB44,906, RMB25,380 and RMB19,241 for the years ended December 31, 2023, 2024 and 2025, respectively)-514.2M CNY-540.0M CNY-743.4M CNY
Total operating expenses-2.4B CNY-2.6B CNY-3.2B CNY
(Loss)/Income from operations221.3M CNY148.8M CNY-466.3M CNY
Interest income2.4M CNY3.9M CNY8.3M CNY
Interest expense (include interest expense charged by related parties of RMB69,472, RMB73,090 and RMB62,972 for the years ended December 31, 2023, 2024 and 2025, respectively)-63.0M CNY-73.1M CNY-69.5M CNY
Others, net (Note 14)-47.1M CNY1.6M CNY-11.6M CNY
(Loss)/Income before tax113.6M CNY81.2M CNY-539.0M CNY
Income tax expenses-16.6M CNY-6.0M CNY-11.1M CNY
Net (loss)/income97.0M CNY75.2M CNY-550.1M CNY
Net loss attributable to noncontrolling interests10.3M CNY7.0M CNY182.0K CNY
Net (loss)/income attributable to ordinary shareholders of the Company107.3M CNY82.2M CNY-549.9M CNY
Foreign currency translation adjustment11.6M CNY-11.0M CNY-8.4M CNY
Total other comprehensive (loss)/income11.6M CNY-11.0M CNY-8.4M CNY
Total comprehensive (loss)/income108.6M CNY64.2M CNY-558.6M CNY
Comprehensive loss attributable to noncontrolling interests10.3M CNY7.0M CNY182.0K CNY
Comprehensive (loss)/income attributable to ordinary shareholders of the Company118.9M CNY71.2M CNY-558.4M CNY
Basic0.91 CNY0.70 CNY-4.53 CNY
Diluted0.90 CNY0.70 CNY-4.53 CNY
Weighted average number of ordinary shares/ADSs outstanding, basic118.1M shares117.4M shares121.4M shares
Diluted119.9M shares118.2M shares121.4M shares
Transactions with related parties, net revenues5.9B CNY5.6B CNY5.4B CNY
Transactions with related parties, cost of revenues3.3B CNY2.9B CNY2.6B CNY
General and administrative expenses197.0M CNY187.1M CNY222.0M CNY

Compare Youdao, Inc. with another company

Corporate structure

Youdao, Inc. sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Youdao, Inc.

  • Youdao, Inc. E9

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Youdao, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Operating-lease assets (leased space)$6.7M2 Dec 31, 2025$9.4M10 Dec 31, 2024−28.5%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$62.9M2 Dec 31, 2025$81.2M10 Dec 31, 2024−22.6%
Marketable securities, current$42.7M2 Dec 31, 2025$8.6M10 Dec 31, 2024+393.7%
Long-term investments$2.8M2 Dec 31, 2025$9.9M10 Dec 31, 2024−71.4%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$15.7M2 Dec 31, 2025$15.1M10 Dec 31, 2024+4.4%

Inventory

ItemLatestA year beforeChange
Inventory, total$20.1M2 Dec 31, 2025$23.9M10 Dec 31, 2024−15.9%

Leadership

Who has led Youdao, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Feng Zhou2026–now
Board members and other officers (4)

Timeline

  1. Mar 18, 2026New chief executive Feng Zhou becomes CEO11

Calendar

Coming up

  1. Nov 19, 2026Reports results for the quarter ending Sep/202615

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

113 filings to the SEC since October 2021: 5 annual reports, 21 insider forms, 17 large holders, 70 other. The latest 20:

  1. Sep 11, 20264 EDGAR
  2. Sep 11, 20264 EDGAR
  3. Sep 11, 20264 EDGAR
  4. Sep 2, 20264 EDGAR
  5. Sep 1, 2026144 EDGAR
  6. Sep 1, 2026144 EDGAR
  7. Sep 1, 2026144 EDGAR
  8. Aug 31, 2026144 EDGAR
  9. Aug 24, 20263 EDGAR
  10. Aug 20, 20266-K EDGAR
  11. Aug 14, 2026SCHEDULE 13G/A EDGAR
  12. Jul 1, 20264 EDGAR
  13. Jun 22, 2026144 EDGAR
  14. Jun 1, 20264 EDGAR
  15. Jun 1, 20264 EDGAR
  16. Jun 1, 20264 EDGAR
  17. Jun 1, 20264 EDGAR
  18. Jun 1, 20264 EDGAR
  19. Jun 1, 20264 EDGAR
  20. May 28, 2026144 EDGAR

The 113 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

8 open-market trades by officers, directors and large owners since October 2021: 0 buys and 8 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 9, 2026Jin LeipresidentSale70,047Form 4
Sep 9, 2026Wu YinghuiSenior Vice PresidentSale6,750Form 4
Sep 9, 2026Peng SuSenior Vice PresidentSale6,750Form 4
Sep 1, 2026Shum Heung YeungDirectorSale4,012Form 4
Aug 31, 2026Shum Heung YeungDirectorSale17,186Form 4
Jun 30, 2026Li YongweiVice PresidentSale2,300Form 4
Jun 29, 2026Li YongweiVice PresidentSale4,000Form 4
May 28, 2026Lai Jimmy Y.DirectorSale3,997Form 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 33. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Orbis Allan Gray Ltd6,563,497$80.7M0.3%−175,227
NetEase, Inc.2,898,293$35.6M4.7%No change
Vanguard Capital Management LLC840,158$10.3M0.0%+7,728
Vanguard Fiduciary Trust Co211,666$2.6M0.0%No change
Connor, Clark & Lunn Investment Management Ltd.211,199$2.6M0.0%−14,809
UBS Group AG65,644$807.4K0.0%+10,710
Citadel Advisors LLC59,247$728.7K0.0%+8,608
Renaissance Technologies LLC58,600$720.8K0.0%−4,900
Qube Research & Technologies Ltd46,477$571.7K0.0%−14,035
California Public Employees Retirement System36,047$443.4K0.0%−940
Public Employees Retirement System Of Ohio28,104$345.7K0.0%−237
Invesco Ltd.23,744$292.1K0.0%−3,301
Savant Capital, LLC13,572$150.4K0.0%New
Morgan Stanley6,883$84.7K0.0%−15,291
VANGUARD ASSET MANAGEMENT, Ltd3,843$47.3K0.0%No change
Tower Research Capital LLC (TRC)2,957$36.4K0.0%+2,089
Compagnie Lombard Odier SCmA2,000$24.6K0.0%No change
Rhumbline Advisers1,219$15.0K0.0%No change
Group One Trading LLC986$12.1K0.0%−2,176
Rockefeller Capital Management L.P.809$10.0K0.0%New
Smartleaf Asset Management LLC509$6.1K0.0%No change
Royal Bank Of Canada230$3.0K0.0%+30
Acadian Asset Management LLC227,454$2.8K0.0%−68,170
Quarry LP215$2.6K0.0%New
Nisa Investment Advisors, LLC73$8980.0%+1

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Youdao, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARYoudao, Inc.1
  • CIK0001781753
  • Filer statusAccelerated filer not an emerging growth company; not a shell company4
  • Incorporated inCayman Islands4
  • Fiscal year endsDecember 311
  • Industry code (SIC)8200 Services-Educational Services1
  • SEC reviewing officeOffice of Trade & Services, Division of Corporation Finance1
  • Business addressNo. 399, Wangshang Road, Binjiang District, Hangzhou, Zhejiang, China1
  • Mailing addressNo. 399, Wangshang Road, Binjiang District, Hangzhou, Zhejiang 310051, China1
  • Phone86 0571-8985-21631
  • Shares outstanding120,459,757 Common Stock shares; 32,471,397 Common Class A shares; 87,988,360 Common Class B shares as of Dec 31, 20254
  • AuditorPricewaterhouseCoopers Zhong Tian LLP, Beijing, the People’s Republic of China PCAOB ID 1424; it also attests to the company’s internal control over financial reporting4
  • On EDGAR sinceJul 11, 20191
  • Filings173 in all: 6-K (53), SC 13G/A (15), CORRESP (14), UPLOAD (13), 4 (11), 3 (9), 144 (8), 20-F (7)1
    All 29 form types

    SCHEDULE 13G/A (7), POS AM (5), SC 13G (5), DRSLTR (3), 424B5 (2), DRS/A (2), EFFECT (2), F-1/A (2), S-8 (2), SEC STAFF LETTER (2), 3/A (1), 424B4 (1), 8-A12B (1), CERT (1), DRS (1), F-1 (1), F-3ASR (1), POSASR (1), S-8 POS (1), SC 13D (1), SC 13D/A (1)

  • Latest filingsAnnual report (20-F) Apr 15, 2026

Securities registered for trading

ClassSymbolExchange
American depositary shares, each ADS represents one Class A ordinary share, par value US$0.0001 per shareDAOThe New York Stock Exchange
Class A ordinary shares, par value US$0.0001 per share*The New York Stock Exchange

From the cover page of the 20-F filed Apr 15, 2026 (Section 12(b) of the Exchange Act).4

Sources

The numbers on this page point here. Each one links to the record it came from.

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